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EUR/USD and GBP/USD heading down while USD/JPY recovers

The week has begun with losses for the euro and sterling against the dollar, while USD/JPY is edging higher.

EUR/USD under pressure

Despite the bounce on Friday, the sellers have driven the EUR/USD price lower once again.

Further losses towards $1.125 would likely prompt a bearish crossover in daily stochastics, amplifying the bearish view. So long as the price remains below $1.14, any bullish view is in abeyance.

GBP/USD heads lower again

GBP/USD’s Friday gains have been given back in a large part, as sellers come in to hit even the modest intra-day rally seen at the end of last week.

Sellers have yet to challenge the $1.32 area in a meaningful way, with dips below this level finding buyers last week. A break below this is required to prompt a new leg lower.

USD/JPY recovers recent losses

USD/JPY is almost back to Friday’s highs, although it remains below the 50-day simple moving average (SMA) for the time being.

Nonetheless, with the price recovering and both stochastics and moving average convergence/divergence (MACD) turning higher the buyers look to be in control. This bullish view would require a drop back below ¥113.20 to be negated.

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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